The Property Protection Trust:
A property Protection Trust has 2 major benefits. It can
protect your home against care home fees and allows
married couples/civil partners to place (whilst making
their will) their 50% share of the family home into a trust.
This means that if one partner (Mr Smith) was to die and
his wife was to remarry his 50% share will ALWAYS pass
on to those named in his will.
Property Trusts have been around for hundreds of years
and are 100% watertight.
Concerned about Care Home Fees?
Every year tens of thousands of people are forced to sell their homes to pay for residential care because they are no longer able to live independently. Many thousands more are unable to pass their home on to their children because the local authority has taken a charge over it.
TLC Wills can show our clients how it is possible for you to legally protect your share of the family home against care homes fees. Just one day in care can cost a person £150.00.
With the average care home costing between £800 and £1000 a week it doesn't take long to lose your entire life's savings and family home. For many people their main asset is the family home.
Worried about Remarriage?
The Property Protection trust ensures that your children/beneficiaries will always inherit your share of the family home. Even if your partner was to remarry after you die 20/30/40 years after you have gone your children/family will still receive your 50% share.
We may want our partners to move on and be happy. But at the same time we would all like to have some guarantee that our children/family will benefit from our share of the estate. No matter what may happen in the future a Property Protection Trust will ensure that your children receive your 50% share of your estate. Even if your partner was to remarry and sell the family home your children will not be forgotten. (Even children from a previous relationship).
When you make your will you simple state how you want your 50% of the estate to be shared out (This can only be done with a Property Trust not your standard Will). The remaining partner may go on and write further wills in their lifetime. However they can only do this with their 50% share not yours.
Questions:
My mother lives on her own. Can she do a Property Trust?
No. Only couples can take out a Property Trust.
Could our children evict the surviving partner?
No. The trust gives the surviving partner a right of occupation for life.
What if the surviving partner wants to move house?
This is not a problem. The family home can be sold and an alternative property purchased. At this stage they can either settle the trust or simply transfer it on to the new property. All parties will have a say in this.
Would it not be easier if a couple gave half of the property to their children when one of them dies?
It might seem more straightforward. However you are vulnerable should any of your children become bankrupt, get divorced or die during your lifetime. If any of these events occurred a sale of the property could be forced to make the child’s share of the property available to his/her creditors. In-laws can very quickly become outlaws. If a child separates from their partner your home will be taken into account in the divorce. How would you feel if you were evicted from your own home?